About 3,000 small investors have formed the Association des Victimes de la Caisse de Dépôt, and met Hélène Barabé, AMF’s head of investigations, this month to lodge a formal complaint.
A decision on whether the AMF will investigate Caisse de Dépôt et Placement du Québec is expected soon, said the shareholders’ association. An AMF spokesman said it was analysing the case.

The Caisse had a controlling stake of 30% through a subsidiary, Capital d’Amérique, in Câble Satisfaction, which operated a cable network in Portugal.

Conrad Leblanc, president of the shareholders’ association, alleged the Caisse appointed directors who failed to control the costs of constructing the network, and withheld documents showing the true financial position of Câble Satisfaction.

The shareholders have also launched a class action lawsuit for C$300m against the pension fund.

Caisse de Dépôt said it acknowledged no responsibility for Câble Satisfaction’s difficulties and it had also suffered a loss.